Thursday, 7 December 2017
That the Senate—
(a) notes that the Trump Administration has succeeded in passing, through both Houses of the Congress of the United States of America (US), over USD$1 trillion in company tax cuts over 10 years, including a cut in the corporate tax rate from 35% to potentially 20%;
(b) expresses concern that these US company tax cuts will affect Australian companies' global competitiveness;
(c) also notes the Australian Department of Treasury research, published earlier this month, revealing that if Australia's corporate tax rate was cut from 30% to 25% by 2026, there would be $30 billion in additional company tax revenue due to stronger economic growth, and increased GST revenue from additional consumer spending;
(d) further notes the recent comments of the Business Council of Australia and the Australian Chamber of Commerce and Industry supporting Australian company tax cuts; and
(e) supports tax relief for Australian companies to ensure our companies remain globally competitive.